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Cardano Price Analysis: ADA swiftly approaches the $3 mark, breakout today?

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TL;DR Breakdown

  • Cardano price analysis is bullish for today.
  • ADA/USD rallied to $3 resistance yesterday.
  • ADA consolidates overnight.

Cardano price analysis is bullish today as the market approached the $3 mark after a strong rally yesterday. Therefore, we expect ADA/USD to see further upside today and next break above the $3 mark.

Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, is down by 0.86 percent, while Ethereum managed to increase by 0.72 percent. Terra (LUNA) is among the best performers, with a gain of 18.25 percent.

Cardano price movement in the last 24 hours: Cardano rapidly advanced to $3

ADA/USD traded in a range of $2.81 – $2.97, indicating mild volatility over the last 24 hours. Trading volume has increased by 6 percent and totals $8.65 billion, while the total market capitalization trades around $93.8 billion, ranking the cryptocurrency in 3rd place overall. 

ADA/USD 4-hour chart: ADA set to break above the $3 mark next?

On the 4-hour chart, we can see the Cardano price consolidating in preparation for a spike above the $3 mark. 

Cardano Price Analysis: ADA approaches the $3 mark, breakout today?
ADA/USD 4-hour chart. Source: TradingView

Cardano price action has seen a substantial advance over the last month. After a new swing low was established around the $1.02 mark on the 20th of July, ADA/USD started to advance over the past weeks.

This price action development has resulted in a total increase of over 180 percent, with most of the gain seen over the past week. Additionally, Cardano broke past the previous all-time high of $1.47 last week, further indicating that bulls are in control as of now.

Over the past days, the rally continued, after some consolidation around the previous all-time high until ADA/USD approached the $3 mark. Some consolidation has been seen since, indicating that bulls are gathering momentum before more upside is seen.  

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish for today as the market saw a substantial advance yesterday and currently consolidates below the $3 mark. Therefore, we expect ADA/USD to gather momentum later today to finally break above and continue higher later this week. 

While waiting for Cardano to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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